Financial planning for families with special needs > United States Coast Guard > My Coast Guard News

Please join other military families for a one-hour webinar on how Special Needs Trusts and Able Accounts can help provide additional financial security to your eligible family members.

The event will take place on August 24 at 11 a.m. EDT. It is hosted by OneOp (formerly known as Military Families Learning Network).

According to NOLO, a legal resource, special needs trusts can hold funds for your loved one that don’t affect their financial eligibility for government programs, like social insurance and Medicare. This is because they are managed by a trustee and are not considered part of your loved one’s assets when determining eligibility. Additionally, the Able Resource Center explains that Able accounts are tax-advantaged savings accounts that can fund disability expenses.

Discussion presenter Alison Packard of Packard Law Firm will explore the use of Able accounts and outline the strengths and limitations of this special needs planning tool, as well as the services you can pay for with them. The training compares the effectiveness of capable accounts versus special needs trusts in maintaining eligibility for need-based government benefits, avoiding Medicaid reimbursements, providing alternatives to guardianships, and providing strategies long-term financial support to families wishing to provide for their loved ones with special needs.

Specifically, the training objectives include providing you with this information to:

  • Better understand the different types of special needs trusts and when Medicaid reimbursement is required
  • Understand how to select an appropriate fiduciary
  • Find out how Able Accounts can be used in combination with or instead of Special Needs Trusts
  • Discover strategies for receiving the maximum SSI reward, even when the SSI recipient is living at home and receiving “in-kind support and maintenance”
  • Understand the critical need for long-term estate planning for people with special needs.

Resources

  • To register for this one-hour training, visit the OneOp website and RSVP (found at the top right of the page). You will then be able to access the webinar via YouTube Live. Details will be emailed to you.
  • This training can be used as continuing education credit towards various programs and certifications; check the OneOp website to determine what will be accepted or for additional information.
  • PLEASE NOTE: This event is not hosted by the US Coast Guard or any other federal agency. Please see our External Links Disclaimer.